Wheat Starts the Week with Monday Strength
Wheat futures ended stronger despite overnight declines. Chicago SRW futures rose 5 to 8 cents, Kansas City HRW gained 7 to 8 cents, and MPLS spring wheat was up 2 to 3 cents. As of July 28, 82% of the US winter wheat crop was harvested, 2% above average, while spring wheat was 94% headed and 1% harvested, lagging by 2%. Export inspections improved to 431,233 MT but were 26.23% lower than last year. CBOT and KCBT wheat futures closed higher, with September contracts at $5.31 and $5.53½, respectively.
Wheat futures shrugged off Monday’s overnight weakness with contracts finishing stronger. Chicago SRW futures were up 5 to 8 cents at the close. Kansas City HRW contracts were 7 to 8 cents higher in the nearbys. MPLS spring wheat were 2 to 3 cents in the green.
Weekly NASS Crop Progress data showed 82% of the US winter wheat crop harvested, now 2% above normal. The spring wheat crop was 94% headed by 7/28, with 1% harvested, both lagging their respective average by 2%. Spring wheat conditions were down 2% to 74% gd/ex, with the Brugler500 index down 2 points to 381.
Export Inspections data showed a total of 431,233 MT (11.74 mbu) shipped during the week that ended on July 25. That was an improvement of 64.21% from the week prior but down 26.23% compared to the year prior in the same week. The Philippines was the top destination of 124,007 MT, with 94,759 MT headed to South Korea. Shipments as we get closer to the end of the second month of the MY are 3.048 MMT (82.97 mbu) YTD. That is still 11.24% above the same period last year.
Sep 24 CBOT Wheat closed at $5.31, up 7 1/2 cents,
Dec 24 CBOT Wheat closed at $5.55 1/4, up 6 3/4 cents,
Sep 24 KCBT Wheat closed at $5.53 1/2, up 8 cents,
Dec 24 KCBT Wheat closed at $5.69 1/4, up 7 1/4 cents.
Source Link : https://www.nasdaq.com/articles/wheat-starts-week-monday-strength
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